Month End Closing Procedures

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1 Month End Closing Procedures Overview Throughout the month journal entry transactions are created by processing of accounts payable, accounts receivable, billing, cash receipts, etc. The following is a checklist of recommended steps and reports to complete a month end closing. A listing of sub ledger reports is included to assist you in determining if the general ledger accounts are in balance to their related sub ledger reports. It is recommended that this balancing routine is performed monthly as part of the month end closing process. For the purpose of tying out, it is important to choose reports that are selected based on the posting period (rather than only by date). Other important information related to balancing is addressed in this document, i.e., processes to avoid and how to research out of balance accounts. A listing of standard accounting journals and other analysis reports is also included that you may consider reviewing as part of your month end close process. Closing Process Checklist General Ledger Closing Process Process Close Posting Periods Update to Summary Bank Reconciliation Journal Entries Print the Trial Balance Query Instructions After all entries related to A/P, A/R and Time Entry are complete, close the related module s posting periods. Note the settings of the modules are independent of each other and can be closed at different times. Set these modules as Current for the next Posting Period. If using the Close Posting Period application, this will occur automatically. Leave the GL as current and the next month should be set as Open. The Update to Summary process can be performed as often as needed, but must be run at least once a month. The Update to Summary application summarizes all journal entries that have not been posted to the General Ledger Summary Table. This must be run prior to the printing of financial statements. Prepare the Advantage bank reconciliation and print the related report in Advantage Use the journal entry options to standardize and automate manual journal entry processing: Manual Journal Entries Recurring Journal Entries Import Journal Entries Allocations Use the Trail Balance Query to compare and confirm that key GL account balances correspond to their related sub ledger report. Process Accounts Payable and Accounts Receivable Sub Ledger s Location Accounts Receivable Advantage Accounting s Month End s Accounts Payable Advantage Accounting s Month End s Updated 02/04/2016 ~ 1 ~

2 Production Sub Ledger s Production WIP Deferred Sales Accrued AP Accrued Cost of Sales Media Sub Ledger s Media WIP / Accrued AP Deferred Sales Media Income Recognition is set to Insertion / Deferred COS Media Income Recognition is set to Insertion / Location Advantage Accounting s Month End s Advantage Accounting s Month End s Production WIP Several of these reports include the deferred sales balance information Advantage Accounting s Month End s Accrued Liability Adassist Accounting s Accrued Cost of Sales Location Advantage Accounting s Month End s Adassist s Accounting s Media Sales s 6 Media Commissions Billed (Period, Client, IO) V2 with report options selected: From Period and To Period: Balancing Period Include: Deferred as of To Period Only The Billing Amount column will equal the deferred sales media general ledger account Adassist s Accounting s Media Sales s 6 Media Commissions Billed (Period, Client, IO) V2 with report options selected: From Period and To Period: Balancing Period Include: Deferred as of To Period Only The Net Amount column will equal the deferred cost of sales media general ledger account General Ledger Financial Statements Location Balance Sheet Advantage General Ledger Writer List Income Statement Advantage General Ledger Writer List Detail Trail Balance Advantage General Ledger Queries & s Detail by Acct Code Summary Trail Balance Advantage General Ledger Queries & s Trial Balance Query Updated 02/04/2016 ~ 2 ~

3 Client Profitability s Client Level reports that tie back to the Income Statement (Sales/COS) Location Client Profit & Loss Adassist Management s Client Profit & Loss s Various reporting options are available at a detail or summary level including the ability to include or exclude overhead allocation Standard Accounting Journals Additional s you may want to review Location Cash Receipts Journal Adassist Accounting s Cash s by Period Check Register Adassist Accounting s Check Register Client Cash on Account Adassist Accounting s Client Cash on Account Client Costs by Vendor Adassist Accounting s Client Costs by Vendor Direct Expense Adassist Accounting s Direct Expense Disbursement Journal Adassist Accounting s Check Register Invoice Register Adassist Accounting s Invoice Register Outstanding Bank Adassist Bank s Outstanding Items Listing Transactions Purchase Journal Adassist Accounting s Accounts Payable s Debit Account Detail Sales Journal Adassist Accounting s Sales Journal Vendor Charges by Job Adassist Accounting s Vendor Charges by Job Vendor Invoice by Client Adassist Accounting s Vendor Invoice by Client Updated 02/04/2016 ~ 3 ~

4 Processes to Avoid Below is a listing of processes that should be avoided: It is important to understand the transactions posted to the general ledger accounts used in processing of accounts payable, billing and cash receipts are controlled by the system. These general ledger accounts include: Accounts Payable Accounts Receivable WIP Deferred Sales (Media and Production) Accrued Cost of Sales (Media and Production) Accrued Accounts Payable (Media and Production) Sales (Media and Production) Cost of Sales (Media and Production) These accounts should not be used when processing the follow types of transactions. Manual, recurring, imported and allocation journal entries Accounts payable transactions posted on the non client tab Bank reconciliation application entries for service charge, interest earned, electronic transfers and other miscellaneous entries Client cash receipt adjustments and on account entries Other cash receipts When posting client cash receipts on account transactions we recommend picking one account code to use. For example, post the transaction to the accounts receivable account or a client prepayment account. How to Research Out of Balances Between General Ledger Accounts and Sub Ledger s Accounts Payable and Accounts Receivable Accounts / GL Out of Research Instructions Balance Accounts Payable Print the two reports under Reconciliation Accounts Payable, Purchase Journal (By Credit Account) and Cash Disbursements Journal (By Debit Account) and compare to the General Ledger Detail by Account Code report Accounts Receivable Print the Reconciliation Accounts Receivable (s); these reports will flag the transactions that are causing variances Accrued AP Print the Sales Journal 25 Sales (Accrued Liability) Journal (Advance Billing Breakdown) with Job Description report the General Ledger by Account Code report for the accrued accounts payable account and Research Locations Adassist Accounting s Reconciliation Accounts Payable Advantage General Ledger s Detail by Account Code Adassist Accounting s Reconciliation Accounts Receivable Adassist Accounting Sales Journal Advantage General Ledger s Detail by Account Code Updated 02/04/2016 ~ 4 ~

5 Accrued Cost of Sales Deferred Sales Production WIP Media Accounts / GL Out of Balance Media WIP / Accrued AP Deferred Sales Media Income Recognition is set to Insertion / Deferred COS Media Income Recognition is set to Insertion / compare the Advance Billing Net column to the general ledger transactions posted (positive net amounts on the sales journal report are credits to the general ledger account, negative amounts are debits) Print the Accrued Cost of Sales by Client/Division/Product and the General Ledger by Account Code report for the accrued cost of sales account and compare For the period out of balance, print the Sales Journal 1 Detailed Sales Journal and the General Ledger by Account Code report for the deferred sales account and compare the Advance column on the sales journal report to the general ledger transactions posted For the period out of balance, print the Work in Process 5 Production WIP Activity by GLXact report and the General Ledger by Account Code report for the WIP account and compare Research Instructions Print the Reconciliation Media WIP, these reports will list the general ledger transactions and flags what is causing the variance(s) 6 Media Commissions Billed (Period, Client, IO) V2 and the general ledger by account code report for the deferred sales media account and compare. On the 6 Media Commissions Billed report the Amount column will equal the Deferred Sales Media account 6 Media Commissions Billed (Period, Client, IO) V2 and the general ledger by account code report for the deferred cost of sales media account and compare On the 6 Media Commissions Billed report the Net Amount column will equal the Deferred COS Media account Adassist Accounting Accrued Cost of Sales Advantage General Ledger s Detail by Account Code Adassist Accounting Sales Journal Advantage General Ledger s Detail by Account Code Adassist Accounting Work in Process Production Advantage General Ledger s Detail by Account Code Research Locations Adassist Accounting s Reconciliation Media WIP Adassist s Accounting s Media Sales s Advantage General Ledger s Detail by Account Code Adassist s Accounting s Media Sales s Advantage General Ledger s Detail by Account Code Updated 02/04/2016 ~ 5 ~

6 GL Entry Query The GL Entry Query found under Adassist Queries is a great tool for researching the transactions posted to a general ledger account. This query allows you to select a range of posting periods and accounts and save the information to Excel. Note: This query will also be available in Advantage v6.20 in the General Ledger module. To run this query: 1. Select the Posting Period(s) 2. Select the General Ledger Account(s) 3. Click on Run Query 4. Click on Send to Excel 5. You will be prompted to save the file, accept the file name GLDetailQTrans.xls or enter a different file name, select a location and click OK to save Updated 02/04/2016 ~ 6 ~

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